☑ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 74-2540145 | ||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||||||||
2500 Bee Cave Road | Bldg One | Suite 200 | Rollingwood | TX | 78746 | ||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
Class A Non-voting Common Stock, $.01 par value per share | EZPW | The NASDAQ Stock Market | ||||||||||||
(NASDAQ Global Select Market) |
Large accelerated filer | ☐ | Accelerated filer | ☑ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
Item | Page | ||||
No. | No. | ||||
Company-owned Stores | |||||||||||||||||||||||
U.S. Pawn | Latin America Pawn | Other Investments | Consolidated | ||||||||||||||||||||
As of September 30, 2019 | 512 | 480 | 22 | 1,014 | |||||||||||||||||||
New locations opened | — | 23 | — | 23 | |||||||||||||||||||
Locations acquired | — | — | — | — | |||||||||||||||||||
Locations sold, combined or closed | (7) | (3) | (22) | (32) | |||||||||||||||||||
As of September 30, 2020 | 505 | 500 | — | 1,005 | |||||||||||||||||||
New locations opened | — | 15 | — | 15 | |||||||||||||||||||
Locations acquired | 11 | 128 | — | 139 | |||||||||||||||||||
Locations sold, combined or closed | — | (11) | — | (11) | |||||||||||||||||||
As of September 30, 2021 | 516 | 632 | — | 1,148 | |||||||||||||||||||
New locations opened | — | 28 | — | 28 | |||||||||||||||||||
Locations acquired | 3 | — | — | 3 | |||||||||||||||||||
Locations sold, combined or closed | (4) | — | — | (4) | |||||||||||||||||||
As of September 30, 2022 | 515 | 660 | — | 1,175 |
Fiscal Year Ended September 30, | ||||||||||||||||||||
Redemption Rate | 2022 | 2021 | 2020 | |||||||||||||||||
U.S. Pawn | 84% | 86% | 88% | |||||||||||||||||
Latin America Pawn | 79% | 80% | 78% |
Company Index | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||||||
EZCORP, INC. | $100.00 | $112.63 | $68.00 | $52.95 | $79.68 | $81.16 | ||||||||||||||
NASDAQ Composite Index | $100.00 | $123.87 | $123.14 | $171.91 | $222.42 | $162.80 | ||||||||||||||
NASDAQ Other Finance Index | $100.00 | $108.83 | $121.13 | $126.80 | $154.33 | $106.34 |
Share Repurchases | ||||||||||||||||||||||||||
Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Programs (1) | |||||||||||||||||||||||
(in thousands, except number of shares and average price information) | ||||||||||||||||||||||||||
July 1, 2022 through July 31, 2022 | — | $ | — | — | $ | 50,000 | ||||||||||||||||||||
August 1, 2022 through August 31, 2022 | 79,749 | $ | 9.22 | 79,749 | $ | 49,265 | ||||||||||||||||||||
September 1, 2022 through September 30, 2022 | 158,194 | $ | 8.22 | 158,194 | $ | 47,965 | ||||||||||||||||||||
Quarter ended September 30, 2022 | 237,943 | $ | 8.55 | 237,943 | $ | 47,965 |
(1) | On May 3, 2022, the Board of Directors approved a share repurchase program, under which the Company is authorized to repurchase up to $50 million of our Class A Non-Voting common shares over a three-year period. Execution of the program will be responsive to fluctuating market conditions and valuations, liquidity needs and the expected return on investment compared to other opportunities. |
September 30, | Twelve Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Mexican peso | 20.1 | 20.5 | 20.4 | 20.2 | ||||||||||||||||||||||
Guatemalan quetzal | 7.6 | 7.6 | 7.5 | 7.6 | ||||||||||||||||||||||
Honduran lempira | 24.1 | 23.9 | 24.1 | 23.8 | ||||||||||||||||||||||
Peruvian sol | 3.9 | 4.1 | 3.8 | 3.7 |
Fiscal Year Ended September 30, | Change | ||||||||||||||||
(in thousands) | 2022 | 2021 | |||||||||||||||
Gross profit: | |||||||||||||||||
Pawn service charges | $ | 320,865 | $ | 260,196 | 23% | ||||||||||||
Merchandise sales | 532,886 | 442,798 | 20% | ||||||||||||||
Merchandise sales gross profit | 203,504 | 185,580 | 10% | ||||||||||||||
Gross margin on merchandise sales | 38 | % | 42 | % | (400) bps | ||||||||||||
Jewelry scrapping sales | 32,033 | 26,025 | 23% | ||||||||||||||
Jewelry scrapping gross profit | 3,337 | 3,177 | 5% | ||||||||||||||
Gross margin on jewelry scrapping sales | 10 | % | 12 | % | (200) bps | ||||||||||||
Other revenues, net | 441 | 532 | (17)% | ||||||||||||||
Gross profit | 528,147 | 449,485 | 18% | ||||||||||||||
Store expenses | 357,417 | 330,837 | 8% | ||||||||||||||
General and administrative | 64,342 | 56,495 | 14% | ||||||||||||||
Depreciation and Amortization | 32,140 | 30,672 | 5% | ||||||||||||||
(Gain) loss on sale or disposal of assets and other | (674) | 83 | * | ||||||||||||||
Other charges | — | 229 | * | ||||||||||||||
Total operating expenses | 453,225 | 418,316 | 8% | ||||||||||||||
Interest expense | 9,972 | 22,177 | (55)% | ||||||||||||||
Interest income | (817) | (2,477) | (67)% | ||||||||||||||
Equity in net income of unconsolidated affiliates | (1,779) | (3,803) | (53)% | ||||||||||||||
Other income | (167) | (790) | (79)% | ||||||||||||||
Total non-operating expenses | 7,209 | 15,107 | (52)% | ||||||||||||||
Income before income taxes | 67,713 | 16,062 | 322% | ||||||||||||||
Income tax expense | 17,553 | 7,450 | 136% | ||||||||||||||
Net income | $ | 50,160 | $ | 8,612 | 482% | ||||||||||||
Net pawn earning assets: | |||||||||||||||||
Pawn loans | $ | 210,009 | $ | 175,901 | 19% | ||||||||||||
Inventory, net | 151,615 | 110,989 | 37% | ||||||||||||||
Total net pawn earning assets | $ | 361,624 | $ | 286,890 | 26% |
* | Represents a percentage computation that is not mathematically meaningful. |
Fiscal Year Ended September 30, | Change | ||||||||||||||||
(in thousands) | 2022 | 2021 | |||||||||||||||
Gross profit: | |||||||||||||||||
Pawn service charges | $ | 240,982 | $ | 196,721 | 22% | ||||||||||||
Merchandise sales | 391,958 | 341,495 | 15% | ||||||||||||||
Merchandise sales gross profit | 161,717 | 150,456 | 7% | ||||||||||||||
Gross margin on merchandise sales | 41 | % | 44 | % | (300) bps | ||||||||||||
Jewelry scrapping sales | 25,739 | 15,260 | 69% | ||||||||||||||
Jewelry scrapping sales gross profit | 2,984 | 2,259 | 32% | ||||||||||||||
Gross margin on jewelry scrapping sales | 12 | % | 15 | % | (300) bps | ||||||||||||
Other revenues | 83 | 105 | (21)% | ||||||||||||||
Gross profit | 405,766 | 349,541 | 16% | ||||||||||||||
Segment contribution: | |||||||||||||||||
Store expenses | 266,114 | 253,344 | 5% | ||||||||||||||
Depreciation and amortization | 10,552 | 10,650 | (1)% | ||||||||||||||
Segment operating contribution | 129,100 | 85,547 | 51% | ||||||||||||||
Other segment expenses | 49 | 27 | 81% | ||||||||||||||
Segment contribution | $ | 129,051 | $ | 85,520 | 51% | ||||||||||||
Other data: | |||||||||||||||||
Average monthly ending pawn loan balance per store (a) | $ | 287 | $ | 227 | 26% | ||||||||||||
Monthly average yield on pawn loans outstanding | 13 | % | 14 | % | (100) bps | ||||||||||||
Pawn loan redemption rate | 84 | % | 86 | % | (200) bps |
(a) | Balance is calculated based on the average of the monthly ending balance averages during the applicable period. |
Fiscal Year Ended September 30, | |||||||||||||||||||||||||||||
(in thousands) | 2022 (GAAP) | 2021 (GAAP) | Change (GAAP) | 2022 (Constant Currency) | Change (Constant Currency) | ||||||||||||||||||||||||
Gross profit: | |||||||||||||||||||||||||||||
Pawn service charges | $ | 79,883 | $ | 63,475 | 26% | $ | 80,199 | 26% | |||||||||||||||||||||
Merchandise sales | 140,928 | 101,303 | 39% | 141,823 | 40% | ||||||||||||||||||||||||
Merchandise sales gross profit | 41,787 | 35,124 | 19% | 42,055 | 20% | ||||||||||||||||||||||||
Gross margin on merchandise sales | 30 | % | 35 | % | (500) bps | 30 | % | (500) bps | |||||||||||||||||||||
Jewelry scrapping sales | 6,294 | 10,765 | (42)% | 6,304 | (41)% | ||||||||||||||||||||||||
Jewelry scrapping sales gross profit | 353 | 918 | (62)% | 354 | (61)% | ||||||||||||||||||||||||
Gross margin on jewelry scrapping sales | 6 | % | 9 | % | (300) bps | 6 | % | (300) bps | |||||||||||||||||||||
Other revenues, net | 247 | 7 | * | 249 | * | ||||||||||||||||||||||||
Gross profit | 122,270 | 99,524 | 23% | 122,857 | 23% | ||||||||||||||||||||||||
Segment contribution: | |||||||||||||||||||||||||||||
Store expenses | 91,303 | 77,493 | 18% | 91,811 | 18% | ||||||||||||||||||||||||
Depreciation and amortization | 7,913 | 7,371 | 7% | 7,955 | 8% | ||||||||||||||||||||||||
Other charges | — | 229 | * | — | * | ||||||||||||||||||||||||
Segment operating contribution | 23,054 | 14,431 | 60% | 23,091 | 60% | ||||||||||||||||||||||||
Other segment income (a) | (1,000) | (2,862) | (65)% | (1,059) | (63)% | ||||||||||||||||||||||||
Segment contribution | $ | 24,054 | $ | 17,293 | 39% | $ | 24,150 | 40% | |||||||||||||||||||||
Other data: | |||||||||||||||||||||||||||||
Average monthly ending pawn loan balance per store (b) | $ | 64 | $ | 59 | 8% | $ | 64 | 8% | |||||||||||||||||||||
Monthly average yield on pawn loans outstanding | 16 | % | 17 | % | (100) bps | 16 | % | (100) bps | |||||||||||||||||||||
Pawn loan redemption rate (c) | 79 | % | 80 | % | (100) bps | 79 | % | (100) bps |
* | Represents a percentage computation that is not mathematically meaningful. | |||||||||||||
(a) | Fiscal 2022 and 2021 constant currency amounts exclude net GAAP basis foreign currency transaction minimal loss and a gain of $0.1 million, respectively, resulting from movement in exchange rates. | |||||||||||||
(b) | Balance is calculated based on the average of the monthly ending balance averages during the applicable period. | |||||||||||||
(c) | Rate is solely inclusive of results from Mexico. |
2022 Change (GAAP) | 2022 Change (Constant Currency) | ||||||||||
Same Store data: (a) | |||||||||||
PLO | 15% | 13% | |||||||||
PSC | 17% | 17% | |||||||||
Merchandise Sales | 23% | 24% | |||||||||
Merchandise Sales Gross Profit | 13% | 14% | |||||||||
Store Expenses | 5% | 5% | |||||||||
(a) | Stores open at the end of the period included in the same store calculation were 631. |
Fiscal Year Ended September 30, | Change | ||||||||||||||||
(in thousands) | 2022 | 2021 | |||||||||||||||
Gross profit: | |||||||||||||||||
Consumer loan fees and interest | $ | 111 | $ | 420 | (74)% | ||||||||||||
Gross profit | 111 | 420 | (74)% | ||||||||||||||
Segment operating expenses: | |||||||||||||||||
Equity in net income of unconsolidated affiliates | (1,779) | (3,803) | (53)% | ||||||||||||||
Segment operating contribution | 1,890 | 4,223 | (55)% | ||||||||||||||
Other segment loss (income) | 52 | (173) | (130)% | ||||||||||||||
Segment contribution | $ | 1,838 | $ | 4,396 | (58)% |
Fiscal Year Ended September 30, | Change | ||||||||||||||||
(in thousands) | 2022 | 2021 | |||||||||||||||
Segment contribution | $ | 154,943 | $ | 107,209 | 45% | ||||||||||||
Corporate expenses (income): | |||||||||||||||||
General and administrative | 64,342 | 56,495 | 14% | ||||||||||||||
Depreciation and amortization | 13,675 | 12,651 | 8% | ||||||||||||||
(Gain) Loss on sale or disposal of assets and other | (688) | 62 | (1,210)% | ||||||||||||||
Interest expense | 9,972 | 22,177 | (55)% | ||||||||||||||
Interest income | — | (461) | (100)% | ||||||||||||||
Other (income) expense | (71) | 223 | (132)% | ||||||||||||||
Income before income taxes | 67,713 | 16,062 | (322)% | ||||||||||||||
Income tax expense | 17,553 | 7,450 | (136)% | ||||||||||||||
Net income | $ | 50,160 | $ | 8,612 | (482)% |
Fiscal Year Ended September 30, | Change | ||||||||||||||||
(in thousands) | 2022 | 2021 | |||||||||||||||
Cash flows provided by operating activities | $ | 66,535 | $ | 46,438 | 43% | ||||||||||||
Cash flows used in investing activities | (113,283) | (84,611) | 34% | ||||||||||||||
Cash flows used in financing activities | (2,832) | (16,253) | (83)% | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 325 | 5,497 | (94)% | ||||||||||||||
Net decrease in cash and cash equivalents and restricted cash | $ | (49,255) | $ | (48,929) | 1% |
* | Represents a percentage computation that is not mathematically meaningful. |
Payments due by Period | |||||||||||||||||||||||||||||
(in thousands) | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | ||||||||||||||||||||||||
Debt obligations (a) | $ | 316,250 | $ | — | $ | 316,250 | $ | — | $ | — | |||||||||||||||||||
Interest on long-term debt obligations | 17,816 | 8,230 | 9,586 | — | — | ||||||||||||||||||||||||
Lease obligations (b) | 273,983 | 66,039 | 105,821 | 63,558 | 38,565 | ||||||||||||||||||||||||
Total (c) (d) | $ | 608,049 | $ | 74,269 | $ | 431,657 | $ | 63,558 | $ | 38,565 |
ITEM 8 | Page | ||||
September 30, | |||||||||||
(in thousands, except share and per share amounts) | 2022 | 2021 | |||||||||
Assets: | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 206,028 | $ | 253,667 | |||||||
Restricted cash | 8,341 | 9,957 | |||||||||
Pawn loans | 210,009 | 175,901 | |||||||||
Pawn service charges receivable, net | 33,476 | 29,337 | |||||||||
Inventory, net | 151,615 | 110,989 | |||||||||
Prepaid expenses and other current assets | 34,694 | 31,010 | |||||||||
Total current assets | 644,163 | 610,861 | |||||||||
Investments in unconsolidated affiliates | 37,733 | 37,724 | |||||||||
Other investments | 24,220 | — | |||||||||
Property and equipment, net | 56,725 | 53,811 | |||||||||
Right-of-use assets, net | 221,586 | 200,990 | |||||||||
Goodwill | 286,828 | 285,758 | |||||||||
Intangible assets, net | 56,819 | 62,104 | |||||||||
Notes receivable, net | 1,215 | 1,181 | |||||||||
Deferred tax asset, net | 12,145 | 9,746 | |||||||||
Other assets | 6,444 | 4,736 | |||||||||
Total assets | $ | 1,347,878 | $ | 1,266,911 | |||||||
Liabilities and equity: | |||||||||||
Current liabilities: | |||||||||||
Accounts payable, accrued expenses and other current liabilities | $ | 84,509 | $ | 90,268 | |||||||
Customer layaway deposits | 16,023 | 12,557 | |||||||||
Operating lease liabilities, current | 52,334 | 52,263 | |||||||||
Total current liabilities | 152,866 | 155,088 | |||||||||
Long-term debt, net | 312,903 | 264,186 | |||||||||
Deferred tax liability, net | 373 | 3,684 | |||||||||
Operating lease liabilities | 180,756 | 161,330 | |||||||||
Other long-term liabilities | 8,749 | 10,385 | |||||||||
Total liabilities | 655,647 | 594,673 | |||||||||
Commitments and contingencies (Note 13) | |||||||||||
Stockholders’ equity: | |||||||||||
Class A Non-Voting Common Stock, par value $0.01 per share; shares authorized: 100 million; 53,454,885 issued and outstanding as of September 30, 2022; and issued and outstanding of 53,086,438 as of September 30, 2021 | 534 | 530 | |||||||||
Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171 as of September 30, 2022 and 2021 | 30 | 30 | |||||||||
Additional paid-in capital | 345,330 | 403,312 | |||||||||
Retained earnings | 402,006 | 326,781 | |||||||||
Accumulated other comprehensive loss | (55,669) | (58,415) | |||||||||
Total equity | 692,231 | 672,238 | |||||||||
Total liabilities and equity | $ | 1,347,878 | $ | 1,266,911 |
Fiscal Year Ended September 30, | |||||||||||||||||
(in thousands, except per share amounts) | 2022 | 2021 | 2020 | ||||||||||||||
Revenues: | |||||||||||||||||
Merchandise sales | $ | 532,886 | $ | 442,798 | $ | 498,213 | |||||||||||
Jewelry scrapping sales | 32,033 | 26,025 | 47,953 | ||||||||||||||
Pawn service charges | 320,865 | 260,196 | 272,638 | ||||||||||||||
Other revenues | 441 | 532 | 3,973 | ||||||||||||||
Total revenues | 886,225 | 729,551 | 822,777 | ||||||||||||||
Merchandise cost of goods sold | 329,382 | 257,218 | 334,481 | ||||||||||||||
Jewelry scrapping cost of goods sold | 28,696 | 22,848 | 38,041 | ||||||||||||||
Other cost of revenues | — | — | 1,054 | ||||||||||||||
Gross profit | 528,147 | 449,485 | 449,201 | ||||||||||||||
Operating expenses: | |||||||||||||||||
Store expenses | 357,417 | 330,837 | 336,770 | ||||||||||||||
General and administrative | 64,342 | 56,495 | 54,133 | ||||||||||||||
Impairment of goodwill, intangible and other assets | — | — | 54,666 | ||||||||||||||
Depreciation and amortization | 32,140 | 30,672 | 30,827 | ||||||||||||||
(Gain) loss on sale or disposal of assets and other | (674) | 83 | 801 | ||||||||||||||
Other charges | — | 229 | 20,388 | ||||||||||||||
Total operating expenses | 453,225 | 418,316 | 497,585 | ||||||||||||||
Operating income (loss) | 74,922 | 31,169 | (48,384) | ||||||||||||||
Interest expense | 9,972 | 22,177 | 22,472 | ||||||||||||||
Interest income | (817) | (2,477) | (3,173) | ||||||||||||||
Equity in net (income) loss of unconsolidated affiliates | (1,779) | (3,803) | 2,429 | ||||||||||||||
Other income | (167) | (790) | (17) | ||||||||||||||
Income (loss) before income taxes | 67,713 | 16,062 | (70,095) | ||||||||||||||
Income tax expense (benefit) | 17,553 | 7,450 | (1,632) | ||||||||||||||
Net income (loss) | 50,160 | 8,612 | (68,463) | ||||||||||||||
Basic earnings (loss) per share | $ | 0.89 | $ | 0.15 | $ | (1.24) | |||||||||||
Diluted earnings (loss) per share | $ | 0.70 | $ | 0.15 | $ | (1.24) | |||||||||||
Weighted-average basic shares outstanding | 56,498 | 55,744 | 55,313 | ||||||||||||||
Weighted-average diluted shares outstanding | 82,400 | 55,949 | 55,313 |
Fiscal Year Ended September 30, | |||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Net income (loss) | $ | 50,160 | $ | 8,612 | $ | (68,463) | |||||||||||
Other comprehensive income ( loss): | |||||||||||||||||
Foreign currency translation adjustment, net of tax | 2,746 | 9,653 | (15,678) | ||||||||||||||
Comprehensive income (loss) | $ | 52,906 | $ | 18,265 | $ | (84,141) |
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Total Equity | ||||||||||||||||||||||||||||||||
(in thousands) | Shares | Par Value | Retained Earnings | ||||||||||||||||||||||||||||||||
Balances as of October 1, 2019 | 55,535 | $ | 556 | $ | 407,628 | $ | 389,163 | $ | (52,398) | $ | 744,949 | ||||||||||||||||||||||||
Stock compensation | — | — | (5,094) | — | — | (5,094) | |||||||||||||||||||||||||||||
Release of restricted stock | 711 | 6 | — | — | — | 6 | |||||||||||||||||||||||||||||
Taxes paid related to net share settlement of equity awards | — | — | (1,435) | — | — | (1,435) | |||||||||||||||||||||||||||||
Foreign currency translation loss | — | — | — | (8) | (15,670) | (15,678) | |||||||||||||||||||||||||||||
Purchase and retirement of treasury stock | (943) | (11) | (2,624) | (2,523) | — | (5,158) | |||||||||||||||||||||||||||||
Net loss | — | — | — | (68,463) | — | (68,463) | |||||||||||||||||||||||||||||
Balances as of September 30, 2020 | 55,303 | $ | 551 | $ | 398,475 | $ | 318,169 | $ | (68,068) | $ | 649,127 | ||||||||||||||||||||||||
Stock compensation | — | — | 3,946 | — | — | 3,946 | |||||||||||||||||||||||||||||
Transfer of consideration for current period acquisition | 213 | 2 | 1,545 | — | 1,547 | ||||||||||||||||||||||||||||||
Transfer of consideration for prior period acquisition | 33 | — | 185 | — | — | 185 | |||||||||||||||||||||||||||||
Release of restricted stock | 508 | 7 | — | — | — | 7 | |||||||||||||||||||||||||||||
Taxes paid related to net share settlement of equity awards | — | — | (839) | — | — | (839) | |||||||||||||||||||||||||||||
Foreign currency translation gain | — | — | — | — | 9,653 | 9,653 | |||||||||||||||||||||||||||||
Net income | — | — | — | 8,612 | — | 8,612 | |||||||||||||||||||||||||||||
Balances as of September 30, 2021 | 56,057 | $ | 560 | $ | 403,312 | $ | 326,781 | $ | (58,415) | $ | 672,238 | ||||||||||||||||||||||||
Stock compensation | — | — | 5,053 | — | — | 5,053 | |||||||||||||||||||||||||||||
Transfer of consideration for other investment | 213 | 2 | 1,498 | — | — | 1,500 | |||||||||||||||||||||||||||||
Release of restricted stock | 393 | 4 | — | — | — | 4 | |||||||||||||||||||||||||||||
Taxes paid related to net share settlement of equity awards | — | — | (792) | — | — | (792) | |||||||||||||||||||||||||||||
— | — | (62,804) | 26,166 | — | (36,638) | ||||||||||||||||||||||||||||||
Foreign currency translation gain | — | — | — | — | 2,746 | 2,746 | |||||||||||||||||||||||||||||
Purchase and retirement of treasury stock | (238) | (2) | (937) | (1,101) | — | (2,040) | |||||||||||||||||||||||||||||
Net income | — | — | — | 50,160 | — | 50,160 | |||||||||||||||||||||||||||||
Balances as of September 30, 2022 | 56,425 | $ | 564 | $ | 345,330 | $ | 402,006 | $ | (55,669) | $ | 692,231 |
Fiscal Year Ended September 30, | |||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Operating activities: | |||||||||||||||||
Net income (loss) | $ | 50,160 | $ | 8,612 | $ | (68,463) | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 32,140 | 30,672 | 30,827 | ||||||||||||||
Amortization of debt discount and deferred financing costs | 1,433 | 13,797 | 13,200 | ||||||||||||||
Amortization of right-of-use asset | 52,201 | 48,480 | 45,649 | ||||||||||||||
Accretion of notes receivable discount and deferred compensation fee | — | — | (821) | ||||||||||||||
Deferred income taxes | 4,945 | 3,283 | (8,393) | ||||||||||||||
Impairment of goodwill, intangibles and other assets | — | — | 54,666 | ||||||||||||||
Other adjustments | 2,511 | (185) | 1,652 | ||||||||||||||
Provision for inventory reserve | (2,253) | (8,003) | 2,577 | ||||||||||||||
Stock compensation expense | 5,053 | 3,946 | (5,094) | ||||||||||||||
Equity in net (income) loss from investment in unconsolidated affiliates | (1,779) | (3,803) | 2,429 | ||||||||||||||
Changes in operating assets and liabilities, net of business acquisitions: | |||||||||||||||||
Service charges and fees receivable | (4,572) | (7,332) | 11,021 | ||||||||||||||
Inventory | (15,341) | 371 | 14,466 | ||||||||||||||
Prepaid expenses, other current assets and other assets | 3,238 | 7,373 | (875) | ||||||||||||||
Accounts payable, accrued expenses and other liabilities | (65,141) | (54,209) | (37,401) | ||||||||||||||
Customer layaway deposits | 3,359 | 1,256 | (1,647) | ||||||||||||||
Income taxes | (2,785) | 2,180 | (4,715) | ||||||||||||||
Dividends from unconsolidated affiliates | 3,366 | — | — | ||||||||||||||
Net cash provided by operating activities | 66,535 | 46,438 | 49,078 | ||||||||||||||
Investing activities: | |||||||||||||||||
Loans made | (740,057) | (601,638) | (568,368) | ||||||||||||||
Loans repaid | 410,523 | 351,092 | 394,469 | ||||||||||||||
Recovery of pawn loan principal through sale of forfeited collateral | 274,423 | 208,551 | 304,323 | ||||||||||||||
Capital expenditures, net | (31,895) | (23,601) | (28,526) | ||||||||||||||
Acquisitions, net of cash acquired | (1,850) | (19,015) | — | ||||||||||||||
Issuance of note receivable | (1,000) | — | — | ||||||||||||||
Investment in unconsolidated affiliate | (6,927) | — | — | ||||||||||||||
Investment in other investments | (16,500) | — | — | ||||||||||||||
Principal collections on notes receivable | — | — | 8,000 | ||||||||||||||
Net cash (used in) provided by investing activities | (113,283) | (84,611) | 109,898 | ||||||||||||||
Financing activities: | |||||||||||||||||
Taxes paid related to net share settlement of equity awards | (792) | (839) | (1,459) | ||||||||||||||
Payout of deferred consideration | — | — | (350) | ||||||||||||||
Proceeds from borrowings, net of issuance costs | — | — | 912 | ||||||||||||||
Payments on assumed debt and other borrowings | — | (15,414) | (198) | ||||||||||||||
Purchase and retirement of treasury stock | (2,040) | — | (5,158) | ||||||||||||||
Net cash used in financing activities | (2,832) | (16,253) | (6,253) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 325 | 5,497 | (2,612) | ||||||||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | (49,255) | (48,929) | 150,111 | ||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | 263,624 | 312,553 | 162,442 | ||||||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 214,369 | $ | 263,624 | $ | 312,553 | |||||||||||
(in thousands) | As Reported September 30, 2021 | Adjustments | Under ASU 2020-06 October 1, 2021 | ||||||||||||||
Principal | $ | 316,250 | $ | — | $ | 316,250 | |||||||||||
Unamortized debt discount | (48,785) | 48,785 | — | ||||||||||||||
Deferred financing costs, net | (3,279) | (1,500) | (4,779) | ||||||||||||||
Net carrying amount | 264,186 | 47,285 | 311,471 | ||||||||||||||
Deferred tax asset | 9,746 | 6,607 | 16,353 | ||||||||||||||
Deferred tax liability | 3,684 | (4,040) | (356) | ||||||||||||||
Additional paid-in capital | 403,312 | (62,804) | 340,508 | ||||||||||||||
Retained earnings | 326,781 | 26,166 | 352,947 |
Cash and cash equivalents | $ | 308 | ||||||
Pawn loans | 4,619 | |||||||
Pawn service charges receivable | 691 | |||||||
Inventory | 1,319 | |||||||
Property and equipment | 2,025 | |||||||
Right-of-use assets | 10,651 | |||||||
Goodwill | 25,422 | |||||||
Intangible assets | 3,965 | |||||||
Deferred tax asset, net | 381 | |||||||
Other assets | 746 | |||||||
Accounts payable, accrued expenses and other liabilities | (2,290) | |||||||
Debt | (14,931) | |||||||
Lease liabilities | (10,651) | |||||||
Total consideration | $ | 22,255 |
Fiscal Years Ended September 30, | |||||||||||
(in thousands, except per share amounts) | 2021 | 2020 | |||||||||
Revenue | $ | 748,957 | $ | 857,926 | |||||||
Net income (loss) | $ | 8,828 | $ | (65,206) | |||||||
Basic earnings (loss) per common share | $ | 0.16 | $ | (1.18) | |||||||
Diluted earnings (loss) per common share | $ | 0.16 | $ | (1.18) |
Fiscal Year Ended September 30, | ||||||||||||||||||||
(in thousands, except per share amounts) | 2022 | 2021 | 2020 | |||||||||||||||||
Basic earnings (loss) per common share: | ||||||||||||||||||||
Net Income (loss) - Basic | $ | 50,160 | $ | 8,612 | $ | (68,463) | ||||||||||||||
Weighted shares outstanding - Basic | 56,498 | 55,744 | 55,313 | |||||||||||||||||
Basic earnings (loss) per common share | $ | 0.89 | $ | 0.15 | $ | (1.24) | ||||||||||||||
Diluted earnings (loss) per common share: | ||||||||||||||||||||
Net Income (loss) - Basic | $ | 50,160 | $ | 8,612 | $ | (68,463) | ||||||||||||||
Add: Convertible Notes interest expense, net of tax | 7,489 | — | — | |||||||||||||||||
Net Income (loss) - Diluted | $ | 57,649 | $ | 8,612 | $ | (68,463) | ||||||||||||||
Weighted shares outstanding - basic | 56,498 | 55,744 | 55,313 | |||||||||||||||||
Effect of dilution from equity-based compensation awards* | 678 | 205 | — | |||||||||||||||||
Effect of dilution from if-converted Convertible Notes** | 25,224 | — | — | |||||||||||||||||
Weighted Shares Outstanding - Diluted | 82,400 | 55,949 | 55,313 | |||||||||||||||||
Diluted earnings (loss) per common share | $ | 0.70 | $ | 0.15 | $ | (1.24) | ||||||||||||||
Potential common shares excluded from the calculation of diluted earnings per share above: | ||||||||||||||||||||
Restricted stock*** | 1,975 | 1,233 | 2,786 |
June 30, | |||||||||||
(in thousands) | 2022 | 2021 | |||||||||
Current assets | $ | 158,987 | $ | 167,553 | |||||||
Non-current assets | 170,798 | 191,788 | |||||||||
Total assets | $ | 329,785 | $ | 359,341 | |||||||
Current liabilities | $ | 59,256 | $ | 61,395 | |||||||
Non-current liabilities | 53,045 | 57,511 | |||||||||
Shareholders’ equity | 217,484 | 240,435 | |||||||||
Total liabilities and shareholders’ equity | $ | 329,785 | $ | 359,341 |
Fiscal Year Ended June 30, | |||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Gross revenues | $ | 178,215 | $ | 150,165 | $ | 187,025 | |||||||||||
Gross profit | $ | 116,106 | $ | 105,851 | $ | 112,511 | |||||||||||
Net profit (loss) | $ | 8,099 | $ | 12,081 | $ | (7,032) |
Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2022 | Fair Value Measurement Using | ||||||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
2.89% promissory note receivable due April 2024 | $ | 1,215 | $ | 1,215 | $ | — | $ | — | $ | 1,215 | ||||||||||||||||||||||
Investments in unconsolidated affiliates | 37,733 | 40,279 | 40,279 | — | — | |||||||||||||||||||||||||||
Other investments | 24,220 | 24,220 | — | — | 24,220 | |||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
2024 Convertible Notes | $ | 142,575 | $ | 157,727 | $ | — | $ | 157,727 | $ | — | ||||||||||||||||||||||
2025 Convertible Notes | 170,328 | 147,488 | — | 147,488 | — |
Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | Fair Value Measurement Using | ||||||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
2.89% promissory note receivable due April 2024 | $ | 1,181 | $ | 1,181 | $ | — | $ | — | $ | 1,181 | ||||||||||||||||||||||
Investments in unconsolidated affiliates | 37,724 | 48,954 | 41,638 | — | 7,316 | |||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
2024 Convertible Notes | $ | 123,543 | $ | 153,281 | $ | — | $ | 153,281 | $ | — | ||||||||||||||||||||||
2025 Convertible Notes | 140,643 | 155,250 | — | 155,250 | — | |||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
(in thousands) | Carrying Amount | Accumulated Depreciation | Net Book Value | Carrying Amount | Accumulated Depreciation | Net Book Value | |||||||||||||||||||||||||||||
Land | $ | 4 | $ | — | $ | 4 | $ | 4 | $ | — | $ | 4 | |||||||||||||||||||||||
Buildings and improvements | 123,434 | (95,666) | 27,768 | 113,015 | (85,521) | 27,494 | |||||||||||||||||||||||||||||
Furniture and equipment | 148,675 | (120,747) | 27,928 | 137,828 | (111,944) | 25,884 | |||||||||||||||||||||||||||||
Software | 33,803 | (33,529) | 274 | 33,981 | (33,591) | 390 | |||||||||||||||||||||||||||||
Construction in progress | 751 | — | 751 | 39 | — | 39 | |||||||||||||||||||||||||||||
$ | 306,667 | $ | (249,942) | $ | 56,725 | $ | 284,867 | $ | (231,056) | $ | 53,811 |
(in thousands) | U.S. Pawn | Latin America Pawn | Consolidated | ||||||||||||||
Balances as of September 30, 2020 | $ | 241,928 | $ | 15,654 | $ | 257,582 | |||||||||||
Acquisitions | 2,543 | 26,100 | 28,643 | ||||||||||||||
Effect of foreign currency translation changes | — | (467) | (467) | ||||||||||||||
Balances as of September 30, 2021 | $ | 244,471 | $ | 41,287 | $ | 285,758 | |||||||||||
Acquisitions | 1,032 | — | 1,032 | ||||||||||||||
Measurement period adjustments | — | (678) | (678) | ||||||||||||||
Effect of foreign currency translation changes | — | 716 | 716 | ||||||||||||||
Balances as of September 30, 2022 | $ | 245,503 | $ | 41,325 | $ | 286,828 |
September 30, | |||||||||||
(in thousands) | 2022 | 2021 | |||||||||
Non-amortizing intangible assets: | |||||||||||
Trade names | $ | 23,189 | $ | 23,036 | |||||||
Accumulated impairment losses | (4,598) | (4,598) | |||||||||
18,591 | 18,438 | ||||||||||
Pawn licenses | 9,535 | 9,694 | |||||||||
$ | 28,126 | $ | 28,132 | ||||||||
Amortizing intangible assets: | |||||||||||
Internally developed software | $ | 79,146 | $ | 78,174 | |||||||
Accumulated amortization | (50,600) | (43,710) | |||||||||
Accumulated impairment losses | — | (2,579) | |||||||||
$ | 28,546 | $ | 31,885 | ||||||||
Other | $ | 2,344 | $ | 4,452 | |||||||
Accumulated amortization | (2,197) | (2,365) | |||||||||
$ | 147 | $ | 2,087 | ||||||||
Intangible assets, net | $ | 56,819 | $ | 62,104 |
2023 | $ | 10,275 | ||||||
2024 | $ | 7,705 | ||||||
2025 | $ | 4,427 | ||||||
2026 | $ | 2,471 | ||||||
2027 and thereafter | $ | 3,815 |
September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||||||||||||||
(in thousands) | Gross Amount | Debt Issuance Costs | Carrying Amount | Gross Amount | Debt Discount and Issuance Costs | Carrying Amount | |||||||||||||||||||||||||||||
2024 Convertible Notes | $ | 143,750 | $ | (1,175) | $ | 142,575 | $ | 143,750 | $ | (20,207) | $ | 123,543 | |||||||||||||||||||||||
2025 Convertible Notes | 172,500 | (2,172) | 170,328 | 172,500 | (31,857) | 140,643 | |||||||||||||||||||||||||||||
Total long-term debt | $ | 316,250 | $ | (3,347) | $ | 312,903 | $ | 316,250 | $ | (52,064) | $ | 264,186 |
Schedule of Contractual Maturities | |||||||||||||||||||||||
(in thousands) | Total | Less Than 1 Year | 1 - 3 Years | 3 - 5 Years | |||||||||||||||||||
2024 Convertible Notes | $ | 143,750 | $ | — | $ | 143,750 | $ | — | |||||||||||||||
2025 Convertible Notes | 172,500 | — | 172,500 | — | |||||||||||||||||||
Total | $ | 316,250 | $ | — | $ | 316,250 | $ | — |
Fiscal Year Ended September 30, | |||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
2024 Convertible Notes: | |||||||||||||||||
Contractual interest expense | $ | 4,133 | $ | 4,133 | $ | 4,133 | |||||||||||
Amortization of deferred financing costs | 635 | 446 | 446 | ||||||||||||||
Amortization of debt discount | — | 5,903 | 5,437 | ||||||||||||||
Total interest expense | $ | 4,768 | $ | 10,482 | $ | 10,016 | |||||||||||
2025 Convertible Notes: | |||||||||||||||||
Contractual interest expense | $ | 4,097 | $ | 4,097 | $ | 4,097 | |||||||||||
Amortization of deferred financing costs | 797 | 560 | 561 | ||||||||||||||
Amortization of debt discount | — | 6,919 | 6,393 | ||||||||||||||
Total interest expense | $ | 4,894 | $ | 11,576 | $ | 11,051 |
Fiscal Year Ended September 30, | |||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Share-based compensation costs | $ | 5,053 | $ | 3,946 | $ | (5,094) | |||||||||||
Income tax expense (benefit) on share-based compensation | (557) | 561 | 420 |
Shares | Weighted Average Grant Date Fair Value | ||||||||||
Outstanding as of September 30, 2021 | 2,218,777 | $ | 4.86 | ||||||||
Granted | 1,304,764 | 7.24 | |||||||||
Released (a) | (496,535) | 4.84 | |||||||||
Cancelled | (913,683) | 5.91 | |||||||||
Outstanding as of September 30, 2022 | 2,113,323 | $ | 5.88 |
Fiscal Year Ended September 30, | |||||||||||||||||
(in millions except per share amounts) | 2022 | 2021 | 2020 | ||||||||||||||
Weighted average grant date fair value per share granted (a) | $ | 7.24 | $ | 4.92 | $ | 5.73 | |||||||||||
Total market value of shares released | $ | 3.7 | $ | 3.4 | $ | 5.1 |
Fiscal Year Ended September 30, | |||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Domestic* | $ | 49,937 | $ | 2,320 | $ | (31,989) | |||||||||||
Foreign | 17,776 | 13,742 | (38,106) | ||||||||||||||
$ | 67,713 | $ | 16,062 | $ | (70,095) |
Fiscal Year Ended September 30, | |||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Current: | |||||||||||||||||
Federal | $ | 9,465 | $ | (479) | $ | (6,631) | |||||||||||
State and foreign | 3,143 | 4,646 | 10,544 | ||||||||||||||
12,608 | 4,167 | 3,913 | |||||||||||||||
Deferred: | |||||||||||||||||
Federal | 983 | 3,202 | (1,561) | ||||||||||||||
State and foreign | 3,962 | 81 | (3,984) | ||||||||||||||
4,945 | 3,283 | (5,545) | |||||||||||||||
Total income tax (benefit) expense | $ | 17,553 | $ | 7,450 | $ | (1,632) |
Fiscal Year Ended September 30, | |||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Income tax expense (benefit) at the federal statutory rate | $ | 14,223 | $ | 3,374 | $ | (14,720) | |||||||||||
State taxes, net of federal benefit | 1,728 | 931 | 951 | ||||||||||||||
Mexico inflation adjustment | (2,089) | (1,217) | (1,120) | ||||||||||||||
Non-deductible items | 1,705 | 2,087 | 772 | ||||||||||||||
Foreign rate differential | 1,306 | 1,111 | (1,671) | ||||||||||||||
Change in valuation allowance | 660 | (137) | 962 | ||||||||||||||
Stock compensation | (161) | 293 | 598 | ||||||||||||||
Uncertain tax positions | (2,025) | 208 | 2,849 | ||||||||||||||
Non-deductible impairment | — | — | 9,093 | ||||||||||||||
Deferred tax true-up | 3,811 | 896 | — | ||||||||||||||
Other | (1,605) | (96) | 654 | ||||||||||||||
Total income tax expense (benefit) | $ | 17,553 | $ | 7,450 | $ | (1,632) | |||||||||||
Effective tax rate | 26 | % | 46 | % | 2 | % |
September 30, | |||||||||||
(in thousands) | 2022 | 2021 | |||||||||
Deferred tax assets: | |||||||||||
Cash Converters | $ | 14,299 | $ | 13,848 | |||||||
Tax over book inventory | 7,942 | 7,595 | |||||||||
Accrued liabilities | 8,384 | 7,731 | |||||||||
Pawn service charges receivable | 2,507 | 1,195 | |||||||||
Stock compensation | 887 | 643 | |||||||||
Foreign tax credit | 1,696 | 2,484 | |||||||||
State and foreign net operating loss carryforwards | 16,220 | 19,414 | |||||||||
Book over tax depreciation | 5,574 | 7,250 | |||||||||
Other | 3,943 | 3,562 | |||||||||
Total deferred tax assets before valuation allowance | 61,452 | 63,722 | |||||||||
Valuation allowance | (17,966) | (19,135) | |||||||||
Total deferred tax assets, net | 43,486 | 44,587 | |||||||||
Deferred tax liabilities: | |||||||||||
Tax over book amortization | 29,663 | 23,674 | |||||||||
Note receivable discount | — | 13,483 | |||||||||
Prepaid expenses | 2,051 | 1,368 | |||||||||
Total deferred tax liabilities | 31,714 | 38,525 | |||||||||
Net deferred tax asset | $ | 11,772 | $ | 6,062 |
Fiscal Year Ended September 30, | |||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Beginning balance | $ | 4,763 | $ | 3,085 | $ | 1,435 | |||||||||||
Increase for tax positions taken during a prior period | 547 | 2,135 | 1,401 | ||||||||||||||
Increase for tax positions taken during the current period | — | — | 249 | ||||||||||||||
Decrease for tax positions as a result of the lapse of the statute of limitations | (1,742) | (457) | — | ||||||||||||||
Ending balance | $ | 3,568 | $ | 4,763 | $ | 3,085 |
(in thousands) | Balance Sheet Location | September 30, 2022 | September 30, 2021 | |||||||||||
Lease assets: | ||||||||||||||
Operating lease right-of-use assets | $ | 221,405 | $ | 200,990 | ||||||||||
Financing lease assets | 181 | — | ||||||||||||
Total lease assets | $ | 221,586 | $ | 200,990 | ||||||||||
Lease liabilities: | ||||||||||||||
Current: | ||||||||||||||
Operating lease liabilities | Operating lease liabilities, current | $ | 52,334 | $ | 52,263 | |||||||||
Financing lease liabilities | 37 | — | ||||||||||||
Total current lease liabilities | 52,371 | 52,263 | ||||||||||||
Non-current: | ||||||||||||||
Operating Lease liabilities | Operating lease liabilities | 180,756 | 161,330 | |||||||||||
Financing lease liabilities | 148 | — | ||||||||||||
Total non-current lease liabilities | 180,904 | 161,330 | ||||||||||||
Total lease liabilities | $ | 233,275 | $ | 213,593 |
Fiscal Year Ended September 30, | |||||||||||
(in thousands) | 2022 | 2021 | |||||||||
Operating lease cost: | |||||||||||
Operating lease cost * | $ | 67,414 | $ | 61,980 | |||||||
Variable lease cost | 15,229 | 13,000 | |||||||||
Total operating lease cost | 82,643 | $ | 74,980 | ||||||||
Financing lease cost: | |||||||||||
Amortization of financing lease assets | 3 | — | |||||||||
Interest on financing lease liabilities | 1 | — | |||||||||
Total financing lease cost | 4 | — | |||||||||
Total lease cost | $ | 82,647 | $ | 74,980 |
Fiscal Year Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Weighted-average remaining lease term (years): | |||||||||||
Operating leases | 5.12 | 5.08 | |||||||||
Financing leases | 4.10 | — | |||||||||
Weighted-average discount rate: | |||||||||||
Operating leases | 8.32 | % | 5.92 | % | |||||||
Financing leases | 11.14 | % | — | % | |||||||
Operating Leases | Financing Leases | ||||||||||
Fiscal 2023 | $ | 69,106 | $ | 63 | |||||||
Fiscal 2024 | 59,734 | 56 | |||||||||
Fiscal 2025 | 49,924 | 56 | |||||||||
Fiscal 2026 | 39,621 | 55 | |||||||||
Fiscal 2027 | 27,107 | 5 | |||||||||
Thereafter | 40,681 | — | |||||||||
Total lease liabilities | 286,173 | 235 | |||||||||
Less: portion representing Imputed interest | 53,083 | 50 | |||||||||
Total net lease liabilities | 233,090 | 185 | |||||||||
Less: current portion | 52,334 | 37 | |||||||||
Total long term net lease liabilities | $ | 180,756 | $ | 148 |
Fiscal Year Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
(in thousands) | U.S. Pawn | Latin America Pawn | Other Investments | Total Segments | Corporate Items | Consolidated | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Merchandise sales | $ | 391,958 | $ | 140,928 | $ | — | $ | 532,886 | $ | — | $ | 532,886 | |||||||||||||||||||||||
Jewelry scrapping sales | 25,739 | 6,294 | — | 32,033 | — | 32,033 | |||||||||||||||||||||||||||||
Pawn service charges | 240,982 | 79,883 | — | 320,865 | — | 320,865 | |||||||||||||||||||||||||||||
Other revenues | 83 | 247 | 111 | 441 | — | 441 | |||||||||||||||||||||||||||||
Total revenues | 658,762 | 227,352 | 111 | 886,225 | — | 886,225 | |||||||||||||||||||||||||||||
Merchandise cost of goods sold | 230,241 | 99,141 | — | 329,382 | — | 329,382 | |||||||||||||||||||||||||||||
Jewelry scrapping cost of goods sold | 22,755 | 5,941 | — | 28,696 | — | 28,696 | |||||||||||||||||||||||||||||
Gross profit | 405,766 | 122,270 | 111 | 528,147 | — | 528,147 | |||||||||||||||||||||||||||||
Segment and corporate expenses (income): | |||||||||||||||||||||||||||||||||||
Store expenses | 266,114 | 91,303 | — | 357,417 | — | 357,417 | |||||||||||||||||||||||||||||
General and administrative | — | — | — | — | 64,342 | 64,342 | |||||||||||||||||||||||||||||
Depreciation and amortization | 10,552 | 7,913 | — | 18,465 | 13,675 | 32,140 | |||||||||||||||||||||||||||||
(Gain) loss on sale or disposal of assets and other | 51 | (37) | — | 14 | (688) | (674) | |||||||||||||||||||||||||||||
Interest expense | — | — | — | — | 9,972 | 9,972 | |||||||||||||||||||||||||||||
Interest income | (2) | (815) | — | (817) | — | (817) | |||||||||||||||||||||||||||||
Equity in net income of unconsolidated affiliates | — | — | (1,779) | (1,779) | — | (1,779) | |||||||||||||||||||||||||||||
Other (income) expense | — | (148) | 52 | (96) | (71) | (167) | |||||||||||||||||||||||||||||
Segment contribution | $ | 129,051 | $ | 24,054 | $ | 1,838 | $ | 154,943 | |||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 154,943 | $ | (87,230) | $ | 67,713 |
Fiscal Year Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
(in thousands) | U.S. Pawn | Latin America Pawn | Other Investments | Total Segments | Corporate Items | Consolidated | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Merchandise sales | $ | 341,495 | $ | 101,303 | $ | — | $ | 442,798 | $ | — | $ | 442,798 | |||||||||||||||||||||||
Jewelry scrapping sales | 15,260 | 10,765 | — | 26,025 | — | 26,025 | |||||||||||||||||||||||||||||
Pawn service charges | 196,721 | 63,475 | — | 260,196 | — | 260,196 | |||||||||||||||||||||||||||||
Other revenues | 105 | 7 | 420 | 532 | — | 532 | |||||||||||||||||||||||||||||
Total revenues | 553,581 | 175,550 | 420 | 729,551 | — | 729,551 | |||||||||||||||||||||||||||||
Merchandise cost of goods sold | 191,039 | 66,179 | — | 257,218 | — | 257,218 | |||||||||||||||||||||||||||||
Jewelry scrapping cost of goods sold | 13,001 | 9,847 | — | 22,848 | — | 22,848 | |||||||||||||||||||||||||||||
Gross profit | 349,541 | 99,524 | 420 | 449,485 | — | 449,485 | |||||||||||||||||||||||||||||
Segment and corporate expenses (income): | |||||||||||||||||||||||||||||||||||
Store expenses | 253,344 | 77,493 | — | 330,837 | — | 330,837 | |||||||||||||||||||||||||||||
General and administrative | — | — | — | — | 56,495 | 56,495 | |||||||||||||||||||||||||||||
Depreciation and amortization | 10,650 | 7,371 | — | 18,021 | 12,651 | 30,672 | |||||||||||||||||||||||||||||
Gain (loss) on sale or disposal of assets | 27 | (6) | — | 21 | 62 | 83 | |||||||||||||||||||||||||||||
Other Charges | — | 229 | — | 229 | — | 229 | |||||||||||||||||||||||||||||
Interest expense | — | — | — | — | 22,177 | 22,177 | |||||||||||||||||||||||||||||
Interest income | — | (2,016) | — | (2,016) | (461) | (2,477) | |||||||||||||||||||||||||||||
Equity in net income of unconsolidated affiliates | — | — | (3,803) | (3,803) | — | (3,803) | |||||||||||||||||||||||||||||
Other (income) expense | — | (840) | (173) | (1,013) | 223 | (790) | |||||||||||||||||||||||||||||
Segment contribution | $ | 85,520 | $ | 17,293 | $ | 4,396 | $ | 107,209 | |||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 107,209 | $ | (91,147) | $ | 16,062 |
Fiscal Year Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||
(in thousands) | U.S. Pawn | Latin America Pawn | Other Investments | Total Segments | Corporate Items | Consolidated | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Merchandise sales | $ | 391,921 | $ | 106,292 | $ | — | $ | 498,213 | $ | — | $ | 498,213 | |||||||||||||||||||||||
Jewelry scrapping sales | 36,691 | 11,262 | — | 47,953 | — | 47,953 | |||||||||||||||||||||||||||||
Pawn service charges | 210,081 | 62,557 | — | 272,638 | — | 272,638 | |||||||||||||||||||||||||||||
Other revenues | 150 | — | 3,823 | 3,973 | — | 3,973 | |||||||||||||||||||||||||||||
Total revenues | 638,843 | 180,111 | 3,823 | 822,777 | — | 822,777 | |||||||||||||||||||||||||||||
Merchandise cost of goods sold | 251,544 | 82,937 | — | 334,481 | — | 334,481 | |||||||||||||||||||||||||||||
Jewelry scrapping cost of goods sold | 28,064 | 9,977 | — | 38,041 | — | 38,041 | |||||||||||||||||||||||||||||
Other cost of revenues | — | 101 | 953 | 1,054 | — | 1,054 | |||||||||||||||||||||||||||||
Gross profit | 359,235 | 87,096 | 2,870 | 449,201 | — | 449,201 | |||||||||||||||||||||||||||||
Segment and corporate expenses (income): | |||||||||||||||||||||||||||||||||||
Store expenses | 261,608 | 69,916 | 5,246 | 336,770 | — | 336,770 | |||||||||||||||||||||||||||||
General and administrative | — | — | — | — | 54,133 | 54,133 | |||||||||||||||||||||||||||||
Impairment of goodwill and intangibles assets | 10,000 | 35,938 | 1,149 | 47,087 | 7,579 | 54,666 | |||||||||||||||||||||||||||||
Depreciation and amortization | 11,030 | 7,315 | 68 | 18,413 | 12,414 | 30,827 | |||||||||||||||||||||||||||||
Gain (loss) on sale or disposal of assets | 385 | (72) | (20) | 293 | 508 | 801 | |||||||||||||||||||||||||||||
Other Charges | 3,106 | 1,715 | 3,802 | 8,623 | 11,765 | 20,388 | |||||||||||||||||||||||||||||
Interest expense | — | 685 | 549 | 1,234 | 21,238 | 22,472 | |||||||||||||||||||||||||||||
Interest income | — | (1,586) | — | (1,586) | (1,587) | (3,173) | |||||||||||||||||||||||||||||
Equity in net loss of unconsolidated affiliates | — | — | 2,429 | 2,429 | — | 2,429 | |||||||||||||||||||||||||||||
Other (income) expense | — | (156) | 6 | (150) | 133 | (17) | |||||||||||||||||||||||||||||
Segment contribution (loss) | $ | 73,106 | $ | (26,659) | $ | (10,359) | $ | 36,088 | |||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 36,088 | $ | (106,183) | $ | (70,095) |
(in thousands) | U.S. Pawn | Latin America Pawn | Other Investments | Corporate | Total | ||||||||||||||||||||||||
Assets as of September 30, 2022 | |||||||||||||||||||||||||||||
Pawn loans | $ | 163,484 | $ | 46,525 | $ | — | $ | — | $ | 210,009 | |||||||||||||||||||
Pawn service charges receivable, net | 29,441 | 4,035 | — | — | 33,476 | ||||||||||||||||||||||||
Inventory, net | 114,951 | 36,664 | — | — | 151,615 | ||||||||||||||||||||||||
Total assets | 872,959 | 258,702 | 41,334 | 174,883 | 1,347,878 | ||||||||||||||||||||||||
Assets as of September 30, 2021 | |||||||||||||||||||||||||||||
Pawn loans | $ | 135,931 | $ | 39,970 | $ | — | $ | — | 175,901 | ||||||||||||||||||||
Pawn service charges receivable, net | 24,365 | 4,972 | — | — | 29,337 | ||||||||||||||||||||||||
Inventory, net | 82,386 | 28,603 | — | — | 110,989 | ||||||||||||||||||||||||
Total assets | 779,271 | 233,347 | 38,993 | 215,300 | 1,266,911 |
Fiscal Year Ended September 30, | |||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Revenues: | |||||||||||||||||
United States | $ | 658,762 | $ | 553,581 | $ | 638,844 | |||||||||||
Mexico | 173,122 | 128,773 | 131,965 | ||||||||||||||
Other Latin America | 54,230 | 46,777 | 48,146 | ||||||||||||||
Canada and other | 111 | 420 | 3,822 | ||||||||||||||
Total revenues | $ | 886,225 | $ | 729,551 | $ | 822,777 |
September 30, | |||||||||||
(in thousands) | 2022 | 2021 | |||||||||
Property and equipment, net: | |||||||||||
United States | $ | 32,594 | $ | 30,651 | |||||||
Mexico | 19,805 | $ | 19,255 | ||||||||
Other Latin America | 4,326 | $ | 3,905 | ||||||||
Property and equipment, net | $ | 56,725 | $ | 53,811 |
September 30, | |||||||||||
(in thousands) | 2022 | 2021 | |||||||||
Gross pawn service charges receivable | $ | 44,192 | $ | 37,360 | |||||||
Allowance for uncollectible pawn service charges receivable | (10,716) | (8,023) | |||||||||
Pawn service charges receivable, net | $ | 33,476 | $ | 29,337 | |||||||
Gross inventory | $ | 153,673 | $ | 115,300 | |||||||
Inventory reserves | (2,058) | (4,311) | |||||||||
Inventory, net | $ | 151,615 | $ | 110,989 | |||||||
Prepaid expenses and other | $ | 8,336 | $ | 5,386 | |||||||
Accounts receivable and other | 8,435 | 9,322 | |||||||||
Income taxes prepaid and receivable | 17,923 | 16,302 | |||||||||
Prepaid expenses and other current assets | $ | 34,694 | $ | 31,010 | |||||||
Accounts payable | $ | 24,056 | $ | 22,462 | |||||||
Accrued payroll | 8,365 | 9,093 | |||||||||
Incentive accrual | 17,403 | 16,868 | |||||||||
Other payroll related expenses | 9,592 | 10,695 | |||||||||
Accrued sales and VAT taxes | 7,279 | 10,936 | |||||||||
Accrued income taxes payable | 2,663 | 3,826 | |||||||||
Other current liabilities | 15,151 | 16,388 | |||||||||
Account payable, accrued expenses and other current liabilities | $ | 84,509 | $ | 90,268 | |||||||
Unrecognized tax benefits, non-current | $ | 2,241 | $ | 2,571 | |||||||
Other non-current liabilities | 6,508 | 7,814 | |||||||||
Other long-term liabilities | $ | 8,749 | $ | 10,385 |
(in thousands) | Balance at Beginning of Period | Charged to Expense | Deductions | Balance at End of Period | |||||||||||||||||||
Allowance for valuation of inventory: | |||||||||||||||||||||||
Year Ended September 30, 2022 | $ | 4,311 | $ | — | $ | 2,253 | $ | 2,058 | |||||||||||||||
Year Ended September 30, 2021 | 12,314 | — | 8,003 | 4,311 | |||||||||||||||||||
Year Ended September 30, 2020 | 9,737 | 2,577 | — | 12,314 | |||||||||||||||||||
Allowance for uncollectible pawn service charges receivable: | |||||||||||||||||||||||
Year Ended September 30, 2022 | $ | 8,023 | $ | 2,693 | $ | — | $ | 10,716 | |||||||||||||||
Year Ended September 30, 2021 | 6,679 | 1,344 | — | 8,023 | |||||||||||||||||||
Year Ended September 30, 2020 | 10,036 | — | 3,357 | 6,679 | |||||||||||||||||||
Allowance for valuation of deferred tax assets: | |||||||||||||||||||||||
Year Ended September 30, 2022 | $ | 19,135 | $ | 660 | $ | 1,829 | $ | 17,966 | |||||||||||||||
Year Ended September 30, 2021 | 18,524 | 611 | — | 19,135 | |||||||||||||||||||
Year Ended September 30, 2020 | 18,094 | 430 | — | 18,524 |
Fiscal Year Ended September 30, | |||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Supplemental disclosure of cash flow information | |||||||||||||||||
Cash and cash equivalents | $ | 206,028 | $ | 253,667 | $ | 304,542 | |||||||||||
Restricted cash | 8,341 | 9,957 | 8,011 | ||||||||||||||
Total cash and cash equivalents and restricted cash | $ | 214,369 | $ | 263,624 | $ | 312,553 | |||||||||||
Cash paid during the period for interest | $ | 8,230 | $ | 8,230 | $ | 8,489 | |||||||||||
Cash paid during the period for income taxes, net | $ | 15,899 | $ | 3,696 | $ | 9,753 | |||||||||||
Non-cash investing and financing activities: | |||||||||||||||||
Pawn loans forfeited and transferred to inventory | $ | 300,487 | $ | 212,756 | $ | 241,252 | |||||||||||
Transfer of consideration for acquisition | — | 1,545 | — | ||||||||||||||
Transfer of stock consideration for other investment | 1,500 | — | — | ||||||||||||||
Acquisition earn-out contingency | — | 4,608 | — | ||||||||||||||
Accrued acquisition consideration held as restricted cash | — | 1,986 | — |
Name | Age | Committees | ||||||||||||
Matthew W. Appel | 66 | Audit, People and Compensation, Nominating (Chair), Lead Independent Director | ||||||||||||
Zena Srivatsa Arnold | 44 | Audit, People and Compensation, Nominating | ||||||||||||
Phillip E. Cohen (Executive Chairman) | 75 | — | ||||||||||||
Lachlan P. Given | 45 | — | ||||||||||||
Jason A. Kulas | 51 | — | ||||||||||||
Pablo Lagos Espinosa | 67 | Audit, People and Compensation (Chair), Nominating | ||||||||||||
Gary L. Tillett | 63 | Audit (Chair), People and Compensation, Nominating |
Board Diversity Matrix (as of November 1, 2022) | |||||||||||||||||
Total number of Directors | 7 | ||||||||||||||||
Female | Male | ||||||||||||||||
Gender Identity | 1 | 14% | 6 | 86% | |||||||||||||
Demographic Background: | |||||||||||||||||
Asian | 1 | 14% | |||||||||||||||
Hispanic or Latinx | 1 | 14% | |||||||||||||||
White | 5 | 72% |
Name | Age | Title | ||||||||||||
Phillip E. Cohen | 75 | Executive Chairman | ||||||||||||
Lachlan P. Given | 45 | Chief Executive Officer | ||||||||||||
Timothy K. Jugmans | 46 | Chief Financial Officer | ||||||||||||
John Blair Powell, Jr. | 54 | Chief Operating Officer | ||||||||||||
Keith Robertson | 58 | Chief Information Officer | ||||||||||||
Sunil Sajnani | 42 | Chief Audit and Loss Prevention Executive | ||||||||||||
Nicole Swies | 44 | Chief Revenue Officer | ||||||||||||
Lisa VanRoekel | 53 | Chief Human Resources Officer | ||||||||||||
Thomas H. Welch, Jr. (1) | 67 | Chief Legal Officer and Secretary | ||||||||||||
Ellen Bryant (1) | 50 | Vice President, Deputy General Counsel |
Fiscal 2022 | |||||||||||
Meetings Held | Action by Unanimous Written Consent | ||||||||||
Board of Directors | 7 | 8 | |||||||||
Audit Committee | 4 | 1 | |||||||||
People and Compensation Committee | 7 | — | |||||||||
Nominating Committee | 2 | — |
Name | Position | |||||||
Lachlan P. Given (1) | Chief Executive Officer | |||||||
Timothy K. Jugmans | Chief Financial Officer | |||||||
Philip E. Cohen | Executive Chairman | |||||||
John Blair Powell, Jr. (1) | Chief Operating Officer | |||||||
Thomas H. Welch, Jr. | Chief Legal Officer and Secretary | |||||||
Jason A. Kulas (2) | Former Chief Executive Officer |
Attract and retain high performers | •Compensation is competitive to attract and retain high performers •When performance objectives are achieved, resulting pay is competitive with market •When performance is outstanding and exceeds performance objectives, resulting pay is positioned above, and potentially near the top of, the market | ||||||||||
Pay for performance | •The majority of compensation is performance-based (short-and long-term) •These performance-based incentives are tied to the achievement of financial and strategic objectives, recognizing company-wide and individual performance | ||||||||||
Shareholder alignment | •The value of equity awards is dependent on our stock performance and the achievement of objective financial goals •Equity incentives will have the greatest weight in the mix of variable compensation for executives | ||||||||||
Long-term commitment | •Equity incentive awards vest over multiple years to align executives with the investment horizon of long-term shareholders •After vesting, executives are subject to stock ownership requirements |
What We Do | What We Don’t Do | |||||||||||||
þ | Emphasize performance-based variable pay | ý | Generally, no single trigger change-in-control payments | |||||||||||
þ | Link significant portion of equity incentive grants to performance goals | ý | No significant perquisites | |||||||||||
þ | Require stock retention by executives and directors | ý | No hedging or pledging of Company stock | |||||||||||
þ | Perform annual risk assessments | |||||||||||||
þ | Retain an independent compensation consultant | |||||||||||||
þ | Maintain an incentive clawback policy |
Compensation Component | Description | Attract and Retain | Pay for Performance | Shareholder Alignment | Long-term Commitment | ||||||||||||
Base salary | A market-competitive salary to provide a fixed annual cash income | ü | |||||||||||||||
Short-term incentives | Annual cash incentive opportunity tied to an assessment of annual corporate and business unit financial performance, as well as individual contributions | ü | ü | ü | |||||||||||||
Long-term incentives | Equity incentive grants with vesting tied to achievement of earnings-based goals and continued employment | ü | ü | ü | ü | ||||||||||||
Executive retirement (US only) | Annual retirement plan contributions that vest over three years | ü | ü |
Peer Company | Stock Symbol | Primary Business | ||||||||||||
Cardtronics Inc. | CATM | Data Processing and Outsourced Services — Fintech | ||||||||||||
Conn’s, Inc. | CONN | Computer and Electronics Retail | ||||||||||||
CURO Group Holdings Corp. | CURO | Consumer Finance | ||||||||||||
Enova International, Inc. | ENVA | Consumer Finance | ||||||||||||
FirstCash Holdings, Inc. | FCFS | Consumer Finance — Pawn Operator | ||||||||||||
GreenSky, Inc. | GSKY | Data Processing and Outsourced Services | ||||||||||||
LendingClub Corporation | LC | Consumer Finance | ||||||||||||
MoneyGram International, Inc. | MGI | Data Processing and Outsourced Services — Fintech | ||||||||||||
Oportun Financial Corporation | OPRT | Consumer Finance | ||||||||||||
Regional Management Corp. | RM | Consumer Finance | ||||||||||||
Rent-A-Center, Inc. | RCII | Computer and Electronics Retail | ||||||||||||
World Acceptance Corporation | WRLD | Consumer Finance |
Named Executive Officer | Fiscal 2022 Base Salary | Fiscal 2021 Base Salary | Increase | |||||||||||||||||
Lachlan P. Given (1) | $ | 750,000 | $ | 600,000 | 25% | |||||||||||||||
Timothy K. Jugmans (2) | $ | 450,000 | $ | 370,000 | 22% | |||||||||||||||
Philip E. Cohen | $ | 1,500,000 | $ | 1,500,000 | 0% | |||||||||||||||
John Blair Powell, Jr. (3) | $ | 550,000 | $ | 375,000 | 47% | |||||||||||||||
Thomas H. Welch, Jr. | $ | 410,000 | $ | 410,000 | 0% | |||||||||||||||
Jason A. Kulas (4) | $ | 850,000 | $ | 850,000 | 0% |
Named Executive Officer (1) | Fiscal 2022 STI Target Amount | Target Amount as % of Base Salary | ||||||||||||
Lachlan P. Given (2) | $ | 1,125,000 | 150% | |||||||||||
Timothy K. Jugmans (3) | $ | 450,000 | 100% | |||||||||||
John Blair Powell, Jr. (4) | $ | 550,000 | 100% | |||||||||||
Thomas H. Welch, Jr. | $ | 246,000 | 60% | |||||||||||
Jason A. Kulas (5) | $ | 1,275,000 | 150% |
Named Executive Officer (1) | Target Amount | STI Payout | Percent of Target Awarded | |||||||||||||||||
Lachlan P. Given (2) | $ | 976,849 | $ | 1,465,274 | 150% | |||||||||||||||
Timothy K. Jugmans (2) | $ | 417,830 | $ | 626,745 | 150% | |||||||||||||||
John Blair Powell, Jr. (2) | $ | 496,384 | $ | 744,576 | 150% | |||||||||||||||
Thomas H. Welch, Jr. | $ | 246,000 | $ | 344,400 | 140% | |||||||||||||||
Jason A. Kulas | $ | 1,275,000 | $ | — | — |
Named Executive Officer (1) | Fiscal 2022 LTI Target Amount | Number of Units | ||||||||||||
Lachlan P. Given (2) | $ | 1,246,027 | 164,600 | |||||||||||
Timothy K. Jugmans (3) | $ | 441,534 | 58,326 | |||||||||||
John Blair Powell, Jr. (4) | $ | 719,178 | 95,003 | |||||||||||
Thomas H. Welch, Jr. | $ | 328,000 | 43,328 | |||||||||||
Jason A. Kulas (5) | $ | 2,125,000 | 280,713 |
Named Executive Officer | Fiscal 2023 LTI Target Amount | Number of Units | ||||||||||||
Lachlan P. Given (1) | $ | 2,000,000 | 259,403 | |||||||||||
Timothy K. Jugmans (2) | $ | 500,000 | 64,850 | |||||||||||
John Blair Powell, Jr. | $ | 825,000 | 107,003 |
Named Executive Officer | Fiscal 2022 SERP Contribution | |||||||
Lachlan P. Given (1) | $ | 70,767 | ||||||
Timothy K. Jugmans (1) | $ | 44,153 | ||||||
John Blair Powell, Jr. (1) | $ | 53,973 | ||||||
Thomas H. Welch, Jr. | $ | 41,000 | ||||||
Jason A. Kulas (2) | $ | 85,000 |
Pablo Lagos Espinosa, Chair Matthew W. Appel Zena Srivatsa Arnold Gary L. Tillett |
Name and Principal Position | Fiscal Year | Base Salary | Bonus | Stock Awards (1) | Non-Equity Incentive Plan Compensation (2) | All Other Compensation (3) | Total | |||||||||||||||||||||||||||||||||||||
Lachlan P. Given (4) | 2022 | $ | 728,654 | — | $ | 1,045,197 | $ | 1,465,274 | $ | 84,452 | $ | 3,323,577 | ||||||||||||||||||||||||||||||||
Chief Executive Officer | 2021 | $ | 600,000 | — | $ | 372,003 | $ | 770,000 | $ | 83,028 | $ | 1,825,031 | ||||||||||||||||||||||||||||||||
2020 | $ | 600,000 | $ | 277,377 | — | — | $ | 82,200 | $ | 959,577 | ||||||||||||||||||||||||||||||||||
Timothy K. Jugmans (4) | 2022 | $ | 438,615 | — | $ | 412,239 | $ | 626,745 | $ | 71,146 | $ | 1,548,745 | ||||||||||||||||||||||||||||||||
Chief Financial Officer | 2021 | $ | 370,000 | — | $ | 238,717 | $ | 302,500 | $ | 66,418 | $ | 977,635 | ||||||||||||||||||||||||||||||||
2020 | $ | 236,374 | $ | 73,923 | — | — | $ | 5,646 | $ | 315,943 | ||||||||||||||||||||||||||||||||||
Philip E. Cohen | 2022 | $ | 1,500,000 | — | — | $ | 1,913,468 | $ | 23,310 | $ | 3,436,778 | |||||||||||||||||||||||||||||||||
Executive Chairman | 2021 | $ | 1,500,000 | — | — | $ | 1,656,044 | $ | 23,532 | $ | 3,179,576 | |||||||||||||||||||||||||||||||||
2020 | $ | 1,500,000 | — | — | $ | 350,390 | $ | 21,028 | $ | 1,871,418 | ||||||||||||||||||||||||||||||||||
John Blair Powell, Jr. | 2022 | $ | 515,577 | — | $ | 777,148 | $ | 744,576 | $ | 85,510 | $ | 2,122,811 | ||||||||||||||||||||||||||||||||
Chief Operating Officer | 2021 | $ | 375,000 | — | $ | 180,267 | $ | 375,000 | $ | 66,316 | $ | 996,583 | ||||||||||||||||||||||||||||||||
2020 | $ | 308,653 | $ | 102,500 | — | — | $ | 54,658 | $ | 465,811 | ||||||||||||||||||||||||||||||||||
Thomas H. Welch, Jr. | 2022 | $ | 410,000 | — | $ | 523,648 | $ | 344,400 | $ | 71,070 | $ | 1,349,118 | ||||||||||||||||||||||||||||||||
Chief Legal Officer and | 2021 | $ | 410,000 | — | $ | 227,287 | $ | 312,500 | $ | 70,648 | $ | 1,020,435 | ||||||||||||||||||||||||||||||||
Secretary | 2020 | $ | 410,000 | $ | 135,300 | — | — | $ | 69,570 | $ | 614,870 | |||||||||||||||||||||||||||||||||
Jason A. Kulas (4) | 2022 | $ | 343,269 | — | $ | 1,083,492 | — | $ | 123,688 | $ | 1,550,449 | |||||||||||||||||||||||||||||||||
Former Chief Executive | 2021 | $ | 850,000 | — | $ | 723,679 | $ | 1,593,750 | $ | 117,523 | $ | 3,284,952 | ||||||||||||||||||||||||||||||||
Officer | 2020 | $ | 424,808 | — | $ | 683,878 | $ | 437,500 | $ | 56,455 | $ | 1,602,641 |
Estimated Future Payouts Under Non-Equity Incentive Plan Awards (1) | Estimated Future Payouts Under Equity Incentive Plan Awards (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Grant Date | Threshold | Target | Maximum | Threshold | Target | Maximum | Grant Date Fair Value | |||||||||||||||||||||||||||||||||||||||||||||
Lachlan P. Given | 10/5/2021 | $ | 488,425 | $ | 976,849 | $1,465,274 | — | — | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
10/13/2021 | 39,630 | 79,260 | 118,890 | $ | 201,585 | (3) | |||||||||||||||||||||||||||||||||||||||||||||||
11/17/2021 | 19,881 | $ | 98,610 | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||
3/7/2022 | 42,670 | 85,340 | 128,010 | $ | 158,163 | (3) | |||||||||||||||||||||||||||||||||||||||||||||||
Prior Years | $ | 586,839 | (5) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Timothy K. Jugmans | 10/5/2021 | $ | 208,915 | $ | 417,830 | $ | 626,745 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
10/13/2021 | 27,741 | 55,482 | 83,223 | $ | 141,109 | (3) | |||||||||||||||||||||||||||||||||||||||||||||||
11/17/2021 | 9,808 | $ | 48,648 | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||
3/7/2022 | 1,422 | 2,844 | 4,266 | $ | 5,271 | (3) | |||||||||||||||||||||||||||||||||||||||||||||||
Prior Years | $ | 217,211 | (5) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Philip E. Cohen | 2/26/2021 | $ | 1,500,000 | $ | 1,500,000 | $ | 1,500,000 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
John Blair Powell, Jr. | 10/5/2021 | $ | 248,192 | $ | 496,384 | $ | 744,576 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
10/13/2021 | 29,722 | 29,722 | 29,722 | $ | 226,779 | (6) | |||||||||||||||||||||||||||||||||||||||||||||||
10/13/20/21 | 29,723 | 59,445 | 89,168 | $ | 151,188 | (3) | |||||||||||||||||||||||||||||||||||||||||||||||
11/17/2021 | 9,941 | $ | 49,307 | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||
3/7/2022 | 17,779 | 35,558 | 53,337 | $ | 65,901 | (3) | |||||||||||||||||||||||||||||||||||||||||||||||
Prior Years | $ | 283,973 | (5) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Thomas H. Welch, Jr. | 10/5/2021 | $ | 123,000 | $ | 246,000 | $ | 369,000 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
10/13/20/21 | 21,664 | 43,328 | 64,992 | $ | 110,198 | (3) | |||||||||||||||||||||||||||||||||||||||||||||||
11/17/2021 | 10,868 | $ | 53,905 | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||
Prior Years | $ | 359,545 | (5) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Jason A. Kulas (7) | 10/5/2021 | $ | 637,500 | $ | 1,275,000 | $1,912,500 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
10/13/2021 | 140,357 | 280,713 | 421,070 | $ | 713,947 | (3) | |||||||||||||||||||||||||||||||||||||||||||||||
11/17/2021 | 42,247 | $ | 209,545 | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||
Prior Years | $ | 794,121 | (5) |
Stock Awards | ||||||||||||||||||||||||||||||||
Name | Award Date (2) | Number of Shares or Units of Stock That Have Not Vested (1) | Market Value of Shares or Units of Stock That Have Not Vested (2) | |||||||||||||||||||||||||||||
Lachlan P. Given | 3/7/2022 | 85,340 | $ | 657,971 | ||||||||||||||||||||||||||||
11/17/2021 | 19,881 | $ | 153,283 | |||||||||||||||||||||||||||||
10/13/2021 | 79,260 | $ | 611,095 | |||||||||||||||||||||||||||||
2/22/2021 | 119,284 | $ | 919,680 | |||||||||||||||||||||||||||||
1/19/2021 | 74,303 | (3) | $ | 572,876 | ||||||||||||||||||||||||||||
$ | 2,914,905 | |||||||||||||||||||||||||||||||
Timothy K. Jugmans | 3/7/2022 | 2,844 | $ | 21,927 | ||||||||||||||||||||||||||||
11/17/2021 | 9,808 | $ | 75,620 | |||||||||||||||||||||||||||||
10/13/2021 | 55,482 | $ | 427,766 | |||||||||||||||||||||||||||||
2/22/2021 | 58,846 | $ | 453,703 | |||||||||||||||||||||||||||||
1/19/2021 | 17,706 | (3) | $ | 136,513 | ||||||||||||||||||||||||||||
$ | 1,115,529 | |||||||||||||||||||||||||||||||
Philip E. Cohen | — | $ | — | |||||||||||||||||||||||||||||
John Blair Powell, Jr. | 3/7/2022 | 35,558 | $ | 274,152 | ||||||||||||||||||||||||||||
11/17/2021 | 9,941 | $ | 76,645 | |||||||||||||||||||||||||||||
10/13/2021 | 19,815 | $ | 152,774 | |||||||||||||||||||||||||||||
10/13/20/21 | 59,445 | $ | 458,321 | |||||||||||||||||||||||||||||
2/22/2021 | 59,642 | $ | 459,840 | |||||||||||||||||||||||||||||
1/19/2021 | 34,674 | (3) | $ | 267,337 | ||||||||||||||||||||||||||||
$ | 1,689,069 | |||||||||||||||||||||||||||||||
Thomas H. Welch, Jr. | 11/17/2021 | 10,868 | $ | 83,792 | ||||||||||||||||||||||||||||
10/13/2021 | 43,328 | $ | 334,059 | |||||||||||||||||||||||||||||
2/22/2021 | 65,208 | $ | 502,754 | |||||||||||||||||||||||||||||
1/19/2021 | 50,773 | (3) | $ | 391,460 | ||||||||||||||||||||||||||||
$ | 1,312,065 |
Stock Awards | |||||||||||||||||||||||
Named Executive Officer | Number of Shares Acquired on Vesting (1) | Value Realized on Vesting (2) | |||||||||||||||||||||
Lachlan P. Given | 70,093 | $ | 548,828 | ||||||||||||||||||||
Timothy K. Jugmans | 10,690 | $ | 83,703 | ||||||||||||||||||||
Philip E. Cohen | — | $ | — | ||||||||||||||||||||
John Blair Powell, Jr. | 13,083 | $ | 102,440 | ||||||||||||||||||||
Thomas H. Welch, Jr. | 31,931 | $ | 250,020 |
Named Executive Officer | Company Contributions in Fiscal 2022 (1) | Aggregate Earnings in Fiscal 2022 (2) | Aggregate Withdrawals/Distributions in Fiscal 2022 | Aggregate Forfeitures in Fiscal 2022 | Aggregate Balance at September 30, 2022 (3) | |||||||||||||||||||||||||||
Lachlan P. Given | $ | 70,767 | $ | 131 | $ | — | $ | — | $ | 621,364 | ||||||||||||||||||||||
Timothy K. Jugmans | $ | 44,153 | $ | 82 | $ | — | $ | — | $ | 84,846 | ||||||||||||||||||||||
Philip E. Cohen | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
John Blair Powell, Jr. | $ | 53,973 | $ | 100 | $ | — | $ | — | $ | 120,493 | ||||||||||||||||||||||
Thomas H. Welch, Jr. | $ | 41,000 | $ | 79 | $ | — | $ | — | $ | 899,845 | ||||||||||||||||||||||
Jason A. Kulas | $ | 85,000 | $ | 136 | $ | 27,442 | $ | 141,095 | $ | — |
Named Executive Officer | Year | Health Care Supplemental Insurance (1) | Value of Supplemental Life Insurance Premiums (2) | Company Contributions to Defined Contribution Plans (3) | Other Benefits (4) | Total | ||||||||||||||||||||||||||||||||
Lachlan P. Given | 2022 | $ | 12,873 | $ | 812 | $ | 70,767 | — | $ | 84,452 | ||||||||||||||||||||||||||||
2021 | $ | 21,636 | $ | 1,392 | $ | 60,000 | — | $ | 83,028 | |||||||||||||||||||||||||||||
2020 | $ | 20,808 | $ | 1,392 | $ | 60,000 | — | $ | 82,200 | |||||||||||||||||||||||||||||
Timothy K. Jugmans | 2022 | $ | 22,068 | $ | 1,392 | $ | 47,686 | — | $ | 71,146 | ||||||||||||||||||||||||||||
2021 | $ | 21,636 | $ | 1,392 | $ | 43,390 | — | $ | 66,418 | |||||||||||||||||||||||||||||
2020 | — | $ | 1,392 | $ | 4,254 | — | $ | 5,646 | ||||||||||||||||||||||||||||||
Philip E. Cohen | 2022 | $ | 14,736 | $ | 1,392 | $ | 7,182 | — | $ | 23,310 | ||||||||||||||||||||||||||||
2021 | $ | 14,448 | $ | 1,392 | $ | 7,692 | — | $ | 23,532 | |||||||||||||||||||||||||||||
2020 | $ | 13,896 | $ | 1,392 | $ | 5,740 | — | $ | 21,028 | |||||||||||||||||||||||||||||
John Blair Powell, Jr. | 2022 | $ | 22,068 | $ | 1,392 | $ | 62,050 | — | $ | 85,510 | ||||||||||||||||||||||||||||
2021 | $ | 21,636 | $ | 1,392 | $ | 43,288 | — | $ | 66,316 | |||||||||||||||||||||||||||||
2020 | $ | 20,808 | $ | 1,392 | $ | 32,458 | — | $ | 54,658 | |||||||||||||||||||||||||||||
Thomas H. Welch, Jr. | 2022 | $ | 22,068 | $ | 1,392 | $ | 47,500 | $ | 110 | $ | 71,070 | |||||||||||||||||||||||||||
2021 | $ | 21,636 | $ | 1,392 | $ | 47,500 | $ | 120 | $ | 70,648 | ||||||||||||||||||||||||||||
2020 | $ | 20,808 | $ | 1,392 | $ | 47,250 | $ | 120 | $ | 69,570 | ||||||||||||||||||||||||||||
Jason A. Kulas | 2022 | $ | 9,195 | $ | 580 | $ | 86,471 | $ | 50,000 | $ | 146,246 | |||||||||||||||||||||||||||
2021 | $ | 21,636 | $ | 1,392 | $ | 94,495 | — | $ | 117,523 | |||||||||||||||||||||||||||||
2020 | $ | 12,138 | $ | 812 | $ | 3,505 | $ | 40,000 | $ | 56,455 |
Salary | Incentive Bonus | Accelerated Vesting of Restricted Stock (1) | Accelerated Vesting of SERP Balance | |||||||||||||||||||||||
Resignation for Good Reason: | ||||||||||||||||||||||||||
Lachlan P. Given | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Timothy K. Jugmans | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Philip E. Cohen | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
John Blair Powell, Jr. | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Thomas H. Welch, Jr. | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Termination Without Cause: | ||||||||||||||||||||||||||
Lachlan P. Given | $ | 750,000 | $ | — | $ | — | $ | — | ||||||||||||||||||
Timothy K. Jugmans | $ | 450,000 | $ | — | $ | — | $ | — | ||||||||||||||||||
Philip E. Cohen | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
John Blair Powell, Jr. | $ | 550,000 | $ | — | $ | — | $ | — | ||||||||||||||||||
Thomas H. Welch, Jr. | $ | 410,000 | $ | — | $ | — | $ | — | ||||||||||||||||||
Death or Disability: | ||||||||||||||||||||||||||
Lachlan P. Given | $ | — | $ | — | $ | 2,914,905 | $ | 71,215 | ||||||||||||||||||
Timothy K. Jugmans | $ | — | $ | — | $ | 1,115,529 | $ | 71,509 | ||||||||||||||||||
Philip E. Cohen | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
John Blair Powell, Jr. (2) | $ | — | $ | — | $ | 1,689,069 | $ | — | ||||||||||||||||||
Thomas H. Welch, Jr. (2) | $ | — | $ | — | $ | 1,312,065 | $ | — |
Director | Fees Earned or Paid in Cash | Restricted Stock Awards (1) | Total | |||||||||||||||||
Matthew W. Appel | $ | 120,000 | $ | 160,000 | $ | 280,000 | ||||||||||||||
Zena Srivatsa Arnold | $ | 80,000 | $ | 160,000 | $ | 240,000 | ||||||||||||||
Jason A. Kulas | $ | 40,000 | $ | 160,000 | $ | 200,000 | ||||||||||||||
Pablo Lagos Espinosa | $ | 95,000 | $ | 160,000 | $ | 255,000 | ||||||||||||||
Gary L. Tillett | $ | 107,500 | $ | 160,000 | $ | 267,500 |
Class A Non-voting Common Stock | Class B Voting Common Stock | ||||||||||||||||||||||||||||||||||||||||
Beneficial Owner | Number | Percent | Number | Percent | Voting Percent | ||||||||||||||||||||||||||||||||||||
MS Pawn Limited Partnership (a) MS Pawn Corporation Phillip Ean Cohen 2500 Bee Cave Road Bldg One, Suite 200 Rollingwood, Texas 78746 | 2,974,047 | (b) | 5.28 | % | (b) | 2,970,171 | 100 | % | 100 | % | |||||||||||||||||||||||||||||||
Blackrock Inc. 55 East 52nd Street New York, New York 10055 | 8,908,431 | (c) | 15.82 | % | — | — | — | ||||||||||||||||||||||||||||||||||
Dimensional Fund Advisors LP 6300 Bee Cave Road, Building One Austin, Texas 78746 | 4,049,141 | (c) | 7.19 | % | — | — | — | ||||||||||||||||||||||||||||||||||
Vanguard Group, Inc. P.O. Box 2600, V26 Valley Forge, Pennsylvania 19482-2600 | 3,561,852 | (c) | 6.33 | % | — | — | — | ||||||||||||||||||||||||||||||||||
Matthew W. Appel | 158,912 | * | — | — | — | ||||||||||||||||||||||||||||||||||||
Zena Srivatsa Arnold | 81,193 | * | — | — | — | ||||||||||||||||||||||||||||||||||||
Lachlan P. Given | 510,725 | (d) | * | — | — | — | |||||||||||||||||||||||||||||||||||
Jason A. Kulas | 114,017 | * | |||||||||||||||||||||||||||||||||||||||
Pablo Lagos Espinosa | 188,612 | * | |||||||||||||||||||||||||||||||||||||||
Gary L. Tillett | 81,193 | * | |||||||||||||||||||||||||||||||||||||||
Timothy K. Jugmans | 43,166 | (e) | * | — | — | — | |||||||||||||||||||||||||||||||||||
John Blair Powell, Jr. | 95,452 | (f) | |||||||||||||||||||||||||||||||||||||||
Thomas H. Welch, Jr. | 210,682 | (g) | * | — | — | — | |||||||||||||||||||||||||||||||||||
Directors and executive officers as a group (15 persons) | 4,660,765 | (h) | 8.28 | % | 2,970,171 | 100 | % | 100 | % |
Director | Status (a) | |||||||
Matthew W. Appel | Independent | |||||||
Zena Srivatsa Arnold | Independent | |||||||
Phillip E. Cohen | Not independent (b) | |||||||
Lachlan P. Given | Not independent (b) | |||||||
Jason A. Kulas | Not independent (b) | |||||||
Pablo Lagos Espinosa | Independent | |||||||
Gary L. Tillett | Independent |
Year Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Audit of financial statements and audit pursuant to section 404 of the Sarbanes-Oxley Act and quarterly reviews | $ | 1,604,000 | $ | 1,556,000 | |||||||
Audit related fees | — | — | |||||||||
Tax fees | — | — | |||||||||
All other fees | — | — | |||||||||
$ | 1,604,000 | $ | 1,556,000 |
Incorporated by Reference | Filed Herewith | |||||||||||||||||||||||||
Exhibit | Description of Exhibit | Form | File No. | Exhibit | Filing Date | |||||||||||||||||||||
3.1 | 8-K | 0-19424 | 3.1 | October 3, 2013 | ||||||||||||||||||||||
3.2 | 8-K | 0-19424 | 99.1 | March 25, 2014 | ||||||||||||||||||||||
3.3 | 8-K | 0-19424 | 3.2 | July 22, 2014 | ||||||||||||||||||||||
4.1 | Specimen of Class A Non-voting Common Stock Certificate | S-1 | 33-41317 | 4.1 | August 23, 1991 | |||||||||||||||||||||
4.2 | 8-K | 0-19424 | 4.1 | October 3, 2013 | ||||||||||||||||||||||
4.3 | 8-K | 0-19424 | 4.1 | July 6, 2017 | ||||||||||||||||||||||
4.4 | 8-K | 0-19424 | 4.1 | May 15, 2018 | ||||||||||||||||||||||
4.5 | 8-K | 0-19424 | 4.1 | October 7, 2019 | ||||||||||||||||||||||
10.1* | 8-K | 0-19424 | 10.94 | December 1, 2005 | ||||||||||||||||||||||
10.2* | 8-K | 0-19424 | 10.1 | November 29, 2018 | ||||||||||||||||||||||
10.3* | 10-K | 0-19424 | 10.15 | November 24, 2010 | ||||||||||||||||||||||
10.4* | 10-K | 0-19424 | 10.17 | November 24, 2010 | ||||||||||||||||||||||
10.5* | x | |||||||||||||||||||||||||
10.6* | x | |||||||||||||||||||||||||
10.7* | x | |||||||||||||||||||||||||
10.8* | x | |||||||||||||||||||||||||
10.9* | x | |||||||||||||||||||||||||
21.1 | x | |||||||||||||||||||||||||
23.1 | x | |||||||||||||||||||||||||
31.1 | x | |||||||||||||||||||||||||
31.2 | x | |||||||||||||||||||||||||
32.1† | x | |||||||||||||||||||||||||
101.INS | Inline XBRL Instance Document (the instance document does not appear in the interactive data files because the XBRL tags are embedded within the Inline XBRL document) | |||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document | |||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||||||||||||||||||||
104 | Cover Page Interactive Data File in Inline XBRL format (contained in Exhibit 101) |
* | Identifies Exhibit that consists of or includes a management contract or compensatory plan or arrangement. | ||||
† | The certifications furnished in Exhibit 32.1 hereto are deemed to accompany this Annual Report on Form 10-K and will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, except to the extent that the registrant specifically incorporates it by reference. |
EZCORP, Inc. | ||||||||
Date: November 16, 2022 | By: | /s/ Lachlan P. Given | ||||||
Lachlan P. Given | ||||||||
Chief Executive Officer |
Signature | Title | Date | ||||||||||||
/s/ Lachlan P. Given | Chief Executive Officer and Director (principal executive officer) | November 16, 2022 | ||||||||||||
Lachlan P. Given | ||||||||||||||
/s/ Timothy K. Jugmans | Chief Financial Officer (principal financial officer) | November 16, 2022 | ||||||||||||
Timothy K. Jugmans | ||||||||||||||
/s/ Phillip E. Cohen | Executive Chairman of the Board | November 16, 2022 | ||||||||||||
Phillip E. Cohen | ||||||||||||||
/s/ Matthew W. Appel | Director | November 16, 2022 | ||||||||||||
Matthew W. Appel | ||||||||||||||
/s/ Zena Srivatsa Arnold | Director | November 16, 2022 | ||||||||||||
Zena Srivatsa Arnold | ||||||||||||||
/s/ Jason A. Kulas | Director | November 16, 2022 | ||||||||||||
Jason A. Kulas | ||||||||||||||
/s/ Pablo Lagos Espinosa | Director | November 16, 2022 | ||||||||||||
Pablo Lagos Espinosa | ||||||||||||||
/s/ Gary L. Tillett | Director | November 16, 2022 | ||||||||||||
Gary L. Tillett | ||||||||||||||
/s/ Robbie Hicks | Chief Accounting Officer (principal accounting officer) | November 16, 2022 | ||||||||||||
Robert J. Hicks |
I — General |
II — Awards and Participants |
III — Shares Available For Awards |
IV — Approval of Awards, Participants and Award Terms |
V — Plan Governance and Administration |
VI — Miscellaneous Provisions |
Name | Title | Applicable Multiple | ||||||
Lachlan P. Given | Chief Executive Officer | 2.0 | ||||||
Timothy K. Jugmans | Chief Financial Officer | 2.0 | ||||||
John Blair Powell, Jr. | Chief Operating Officer | 2.0 | ||||||
Ellen Bryant | Vice President, Deputy General Counsel | 1.5 | ||||||
Keith Robertson | Chief Information Officer | 1.5 | ||||||
Sunil Sajnani | Chief Audit and Loss Prevention Executive | 1.5 | ||||||
Nicole Swies | Chief Revenue Officer | 1.5 | ||||||
Lisa VanRoekel | Chief Human Resources Officer | 1.5 |
EZCORP, Inc. By: /s/ Lachlan P. Given Name: Lachlan P. Given, CEO Date: September 30, 2022 | THOMAS H. WELCH, JR. By: /s/ Thomas H. Welch, Jr. Date: September 30, 2022 |
SUBSIDIARIES OF EZCORP, INC. | |||||
Entity | Jurisdiction of Organization | ||||
Brainerd Honduras, S.A. de C.V. | Honduras | ||||
Brainerd, S.A. | Guatemala | ||||
Brainerd, S.A.C. | Peru | ||||
Brainerd, S.A. de C.V. | El Salvador | ||||
Camira Administration Corp | British Virgin Islands | ||||
Cap City Holdings, LLC | Delaware | ||||
Change Capital International Holdings, B.V. | Netherlands | ||||
Change Capital Mexico Holdings, S.A. de C.V. | Mexico | ||||
CCV Americas, LLC | Delaware | ||||
CCV Latin America Coöperatief, U.A | Netherlands | ||||
CCV Pennsylvania, Inc. | Delaware | ||||
EGreen Financial, Inc. | Delaware | ||||
EZ Online Sales, Inc. | Delaware | ||||
EZ Talent S. de R.L. de C.V | Mexico | ||||
EZ Transfers S.A. de C.V. | Mexico | ||||
EZCORP (2015) Asia-Pacific PTE, LTD | Singapore | ||||
EZCORP FS Holdings, Inc. | Delaware | ||||
EZCORP Global, B.V. | Netherlands | ||||
EZCORP Global Holdings, C.V. | Netherlands | ||||
EZCORP International, Inc. | Delaware | ||||
EZCORP International Holdings, LLC | Delaware | ||||
EZCORP Latin America Coöperatief, U.A. | Netherlands | ||||
EZCORP UK Limited | United Kingdom | ||||
EZCORP USA, Inc. | Delaware | ||||
EZMONEY Alabama, Inc. | Delaware | ||||
EZMONEY Canada Holdings, Inc. | British Columbia | ||||
EZMONEY Canada, Inc. | Delaware | ||||
EZMONEY Colorado, Inc. | Delaware | ||||
EZMONEY Hawaii, Inc. | Delaware | ||||
EZMONEY Holdings, Inc. | Delaware | ||||
EZMONEY Idaho, Inc. | Delaware | ||||
EZMONEY Kansas, Inc. | Delaware | ||||
EZMONEY Management, Inc. | Delaware | ||||
EZMONEY Missouri, Inc. | Delaware | ||||
EZMONEY South Dakota, Inc. | Delaware | ||||
EZMONEY Tario, Inc. | British Columbia | ||||
EZMONEY Tennessee, Inc. | Delaware | ||||
EZMONEY Utah, Inc. | Delaware | ||||
EZMONEY Wisconsin, Inc. | Delaware | ||||
EZPAWN Alabama, Inc. | Delaware | ||||
EZPAWN Arizona, Inc. | Delaware | ||||
EZPAWN Arkansas, Inc. | Delaware | ||||
EZPAWN Colorado, Inc. | Delaware | ||||
EZPAWN Florida, Inc. | Delaware |
SUBSIDIARIES OF EZCORP, INC. | |||||
Entity | Jurisdiction of Organization | ||||
EZPAWN Georgia, Inc. | Delaware | ||||
EZPAWN Holdings, Inc. | Delaware | ||||
EZPAWN Illinois, Inc. | Delaware | ||||
EZPAWN Indiana, Inc. | Delaware | ||||
EZPAWN Iowa, Inc. | Delaware | ||||
EZPAWN Management Mexico, S. de R.L. de C.V. | Mexico | ||||
EZPAWN Mexico Holdings, LLC. | Delaware | ||||
EZPAWN Mexico Ltd., LLC. | Delaware | ||||
EZPAWN Minnesota, Inc. | Delaware | ||||
EZPAWN Nevada, Inc. | Delaware | ||||
EZPAWN Oklahoma, Inc. | Delaware | ||||
EZPAWN Oregon, Inc. | Delaware | ||||
EZPAWN Services Mexico, S. de R.L. de C.V. | Mexico | ||||
EZPAWN Tennessee, Inc. | Delaware | ||||
EZPAWN Utah, Inc. | Delaware | ||||
Janama Honduras, S.A. de C.V. | Honduras | ||||
Janama, S.A. | Guatemala | ||||
Janama, S.A.C. | Peru | ||||
Janama, S.A. de C.V. | El Salvador | ||||
Khoper Advisors, Ltd. | British Virgin Islands | ||||
Madras Investments Corp. | British Virgin Islands | ||||
Maxiefectivo Peru, S.A.C. | Peru | ||||
Maxiprestamos. S.A. de C.V. | El Salvador | ||||
Miravet Planning Corp | Panama | ||||
Mister Money Holdings, Inc. | Colorado | ||||
MP Luxury, LLC | Delaware | ||||
Operadora de Servicios, S.A. de C.V. | El Salvador | ||||
Parkway Insurance, Inc. | Texas | ||||
Payday Loan Management, Inc. | Delaware | ||||
PLO Del Bajio S. de R.L. de C.V. | Mexico | ||||
Prenda Aval, S.A. de C.V. | El Salvador | ||||
Renueva Comercial, S.A.P.I. de C.V. | Mexico | ||||
Salvaprenda, S.A. de C.V. | El Salvador | ||||
Texas EZMONEY, L.P. | Texas | ||||
Texas EZPAWN, L.P. | Texas | ||||
Texas EZPAWN Management, Inc. | Delaware | ||||
Texas PRA Management, L.P. | Texas | ||||
Unicode Market, Inc. | Panama | ||||
USA Pawn & Jewelry Co. XI, LLC | Nevada | ||||
USA Pawn & Jewelry Co. 19, LLC | Nevada |
/s/ Lachlan P. Given | |||||||||||
Lachlan P. Given | |||||||||||
Chief Executive Officer |
/s/ Timothy K. Jugmans | |||||||||||
Timothy K. Jugmans | |||||||||||
Chief Financial Officer |
Date: November 16, 2022 | /s/ Lachlan P. Given | ||||||||||
Lachlan P. Given | |||||||||||
Chief Executive Officer |
Date: November 16, 2022 | /s/ Timothy K. Jugmans | ||||||||||
Timothy K. Jugmans | |||||||||||
Chief Financial Officer |